IBM's chairman and chief executive officer, Samuel Palmisano, was paid a $5.4m bonus for helping the company boost its position in the market in 2003, making his total earnings for the year $6.95m.

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Palmisano had navigated the company through "several challenges" and increased its share in the server and small and medium-sized business markets, according to documents filed with the US Securities and Exchange Commission.

Palmisano's 2003 pay was over a million dollars more than he earned in 2002 when he was awarded a salary of $1.43m and a bonus of $4.5m.

The company said that it had a strong year in 2003, when it benefited from cash from operations of $14.6bn, saw solid return on investments and successfully completed several acquisitions. IBM also touted the growth of its "on demand" strategy under Palmisano's leadership during the year.

Palmisano succeeded Louis Gerstner as the company's chief executive officer in March 2002, and was appointed chairman on 1 January.

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